The challenges faced by all three have been more broadly reflected across the clean-tech industry but there could be light at the end of the tunnel, judging by a new report by Global Corporate Venturing in partnership with Baker Botts.

The three solar power flotations in late-2005 that started the cleantech investment surge from 2006 to 2008 have continued their restructurings.

Last week, China-based SunTech said it would enter bankruptcy, which is reportedly expected to lead to the local Wuxi government taking it over. This follows Germany-based Q.Cells bankruptcy and purchase by Korea’s Hanwha conglomerate last year and SunPower, which saw French oil major Total acquire two-thirds of the business for $1.4bn in April 2011 to prevent its bankruptcy (according to Total’s chief executive).

The three initial public offerings of Q.Cells (which has a close relationship with its local university, Martin Luther University in Halle-Wittenberg, having funded an endowed chair in photovoltaics in 2007), SunTech Power (whose founder, Shi Zhengrong, has given philanthropic funding to University of NSW in Australia after leaving its university spin-off, Pacific Solar, to start SunTech in 2001) and SunPower (that has a strong university programme…

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